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- In January, the average monthly rental price for a Manhattan studio was $2,373. For one-bedroom homes, the average was $3,201. For two-bedrooms, the average rent was $3,970. Finally, the average three-bedroom apartment rented for $5,400.
- Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,262 per month on average, 5% less than Manhattan. For Brooklyn one-bedrooms, the average rent was $2,739 (14% less than Manhattan), while rents for two- and three-bedrooms clocked in at $3,568 and $4,802 respectively (10% and 11% less than across the river).
- In January, the Manhattan vacancy rate fell to 1.91% – from December’s rate of 2.09%. This is the first time since September that the borough’s vacancy rate has landed below 2%. We attribute this increase in demand for housing in part to pent-up holiday season demand, as well as the continued effectiveness of slight rent adjustments and generous move-in incentives.
- When examining concessions, 43% of rental transactions brokered by Citi Habitats offered a free month’s rent and/or payment of the broker fee to entice new tenants in January – up from 41% in December. These incentives remain remarkably high – and while they are most common on high-end luxury product, they can be found on both new construction units and re-rentals alike.
“The city’s rental market is stuck in neutral.” explained Gary Malin, President of Citi Habitats. “Month-to-month, we will see a little movement up or down, put pricing has stayed within the same bandwidth. We found that overall, rents fell slightly from December – and any drop in pricing is a positive sign for tenants. Meanwhile, concessions remained prevalent, especially for homes at the higher end of the price spectrum. It’s a great time to be in the market for a luxury rental – choices and opportunities abound.”
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